"Mutual respect, being good neighbors, and mutual trust serve as the foundation for Sino-Philippine ties," Wen said. He urged both sides to proceed from a strategic and overall perspective, properly handle differences and safeguard a good bilateral atmosphere and a harmonious regional environment of long-term peace and stability, which is critical to promoting the development of the two countries and coping with challenges.

The Chinese government will promote trade and economic cooperation with the Philippines under the principles of equality, mutual benefit, and win-win outcomes, Wen said. First, the two sides should fulfill a five-year plan for bilateral economic and trade cooperation to promote long-term, stable and sound development of bilateral economic and trade relations. Second, both sides should give play to the role of the Joint Committee on Economic and Trade Cooperation to enhance guidance and coordination for key areas and key projects. Third, both sides should make full use of the China-ASEAN FTA to expand trade scale and strive to fulfill the trade target of US$ 60 billion by 2016. "The Chinese government encourages domestic companies to actively take part in Philippine projects in various sectors such as transportation, communications, energy, agriculture and hydro-facilities," he said. Fourth, both sides should establish sound circumstances for enterprises to strengthen cooperation, and protect the legitimate rights and interests of investors.

Wen emphasized China supports the ASEAN playing a leading role in East Asian cooperation and such a position is firm and explicit. China is willing to make full use of the existing 10+1 and 10+3 mechanisms, take development and cooperation as priorities and strive to achieve more results. After its enlargement, the East Asia Summit should adhere to the "leaders-led" nature of the strategic forum and complement other mechanisms. China will work with the Philippines and other parties to strengthen communication and coordination and make this year's East Asian Leaders' Meetings a success to promote the healthy development of East Asian cooperation.

Aquino said China is a friendly neighbor of the Philippines and his country values its friendly and cooperative ties with China. The Philippines is ready to be a partner of China for common development and deepen mutually beneficial cooperation on economy, trade, agriculture, infrastructure construction and tourism. He urged both sides to properly handle differences and promote long-term healthy and stable development of bilateral ties. He appreciated China's assistance in the Philippines' economic progress, welcomed Chinese investors, and pledged to offer facilitation in this regard. He said the two countries share broad consensus in East Asian cooperation and the Philippines is ready to enhance coordination with China and push this year's East Asian Leaders' Meetings to yield positive outcome.

Wen also urged the Philippine government to attach importance to the requests of the government and people of the Hong Kong Special Administrative Region and properly handle the aftermath of last year's incident in which tourists from Hong Kong were held hostage in Manila. Aquino, in response, said the Philippine government and people feel deep regret for the tragedy, noting that the Philippine government is handling the aftermath in a serious manner and will keep in contact with China.